ELECTRONIC REAL ESTATE DOCUMENTS- CONTEXT, UNRESOLVED COST-BENEFIT ISSUES AND A RECOMMENDED DECISIONAL PROCESS

Excerpt:

56. Some fear that the strong support will lead to coercion. A recurrent/theme in informal discussions with recording officials and attorneys before, at, and after the conference has been that, if the states do not authorize and implement electronic recording in a timely manner, Fannie Mae and Freddie Mac will impose it on the states. Such an imposition will emerge either through federal legislation that requires recording officials to accept electronic documents for recording, or by the development of a private land records system analogous to the MERS system for recording interests in notes. For more information about the MERS systems, see http://www.mersinc.com/ index1.htm (last visited Oct. 7, 2002). Notwithstanding Fannie Mae’s allusions to the creation of a national registry for electronic notes, Announcement 02-08, supra note 32, Fannie Mae Guide, supra note 26, and the considerable resonance of the theme among recording officials, this author is skeptical of the claim.

Continue below…

[ipaper docId=50761736 access_key=key-1rlrfd8sxik5dao0ikqo height=600 width=600 /]